#Student loan refinance calculator plus#

Unlike federal student loans, which offer only fixed interest rates, some private lenders offer fixed or variable student loan interest rates. When calculating your student loan interest, keep in mind that there are a few other key factors at play: Additional factors to consider when calculating student loan interest

Pre-qualification allows you to input basic details about yourself and your desired loan in exchange for a snapshot of the rates and terms offered. To find out what interest rates you'll receive, take advantage of lenders' pre-qualification features, if available. Keep in mind that the lowest interest rates advertised on lender websites may not be available to you. The higher your credit score, the lower your interest rates. Private student loans, on the other hand, will often do a credit check and set interest rates according to your creditworthiness. Federal student loans come with fixed rates and offer the same interest rate to all borrowers, regardless of credit score or income. The interest rate you're offered depends on the type of lender you're pursuing and your financial picture. Before borrowing student loans, make sure you know all of the term options your lender offers so you can choose the right path for your financial needs. On the flip side, a longer term for your student loans will lower your monthly payment but will accumulate more interest charges over time. Some lenders offer lower interest rates as an incentive for a short term length. A shorter loan term can help you save more money on interest charges during your repayment period but result in a larger monthly payment. Terms for private student loans can be as short as five years and as long as 20 years. Like private student loan amounts, private student loan repayment terms vary by lender. However, student loans that are under an alternative payment plan offer terms from 10 to 25 years. For federal student loans under a standard repayment plan, the default loan term is 10 years. Your loan term is the amount of time you have to repay the loan in full. If you must take out loans to finance educational gaps, consider maximizing federal student loan limits before turning to a private student loan, as federal student loans come with additional benefits like income-driven repayment plans and forgiveness programs. Regardless of whether you borrow federal or private student loans, borrow only the amount you need per school year after exhausting all grant and scholarship options. Some lenders also impose lifetime borrowing limits, which may be up to $150,000 or more, depending on your degree. In general, private student loan lenders offer loan amounts that cover the gap between a school’s cost of attendance and any other financial aid a student receives. Each lender also sets its own borrowing criteria, interest rates and repayment terms. Loan amounts for private student loans vary by lender.

#Student loan refinance calculator plus#

Parent PLUS loans: Up to the school’s reported cost of attendance, minus other financial aid received.Parents of dependent undergraduate students: Direct PLUS Loans: Up to the school’s reported cost of attendance, minus other financial aid received.Direct Unsubsidized Loans: Up to $20,500 annually.Direct Unsubsidized Loans: Up to $12,500 annually.Direct Subsidized Loans: Up to $5,500 annually.Federal student loan amounts Undergraduate students: The loan amount you’re offered might also be limited based on your academic year (freshman, sophomore, etc.), level of education (undergraduate, graduate or professional), dependency status and degree. Loan amounts vary depending on whether you’re exploring a federal or private student loan.

To use the calculator above, you’ll need certain details about your loan. What you need to know for this calculator